Singapore property news: Sales of Singapore properties soar

Country:  Singapore

26 August 2009

Residential Singapore property sales have rocketed, reaching the highest level ever recorded by the country's Urban Redevelopment Authority (URA).

URA figures show that 2,767 properties in Singapore last month, the highest monthly sales tally since records commenced in 2007. July’s figures beat the previous record of 1,825 property sales, recorded in June, representing a 52% month-on-month increase, and a 207% year-on-year rise in the number of residential sales.

Experts put the astounding recovery in Singapore’s real estate market down to the fact that developers building property in Singapore are not being gluttonous, while property investors see now as a good time to buy a home in Singapore.

Li Hiaw Ho, executive director of CBRE Research, commented: “The robust sales momentum in July can be attributed to stronger market sentiment as well as an improvement in economic fundamentals, and more attractive new launches.”

CBRE are projecting record sales of in excess of 14,811 homes for the year.

See Also:   Marc Da-Silva, Overseas property investor news, Singapore